First National Mortgage Investment Fund overview
On November 15, 2017, the manager (Stone Asset Management Limited) of the Fund in consultation with First National Financial LP (the Fund's promoter and advisor) announced the termination of the Fund. From its initial public offering in 2012, First National Mortgage Investment Fund provided unitholders with access to a portfolio of commercial mortgages originated by First National Financial LP.
First National Financial LP is the wholly owned subsidiary of First National Financial Corporation, one of Canada’s largest multi-unit residential and commercial mortgage lenders.
The Fund’s investment objective was to deliver tax-advantaged monthly cash distributions to unitholders while preserving their capital. Since the IPO, the Fund provided a consistent 6% annual distribution and increased the net asset value of the Fund.
The receipt of this final distribution will represent the proceeds on disposition of the units in the Fund. Most unitholders will recognize a capital gain on the receipt of these proceeds as the Fund's distributions from 2013 through to 2016 were on account of return of capital which reduced the adjusted cost base of the units at the time of receipt.
Investor Contacts: Robert Inglis, Chief Financial Officer, First National Financial Corporation, 416 593 1100 email: firstname.lastname@example.org; Jeremy Wedgbury, Senior Vice President, Commercial Mortgages, First National Financial Corporation, 416 593 3007, email@example.com
This material is not to be distributed, reproduced or communicated to a third party without the express written consent of First National Financial LP and should be read in conjunction with the Fund's most recently filed Prospectus . This material is for information purposes only and does not constitute an offer to sell or a solicitation to buy securities. Past results are not intended to be indicative of future performance. Commissions, service fees, management fees and expenses may be associated with investment funds.